Investors showing greater confidence

12/05/2010

Purchasers in Hull are providing evidence of an upturn across the board in the local property scene.

The sale recently of Princes Court, in Princes Avenue, indicates growing confidence among smaller investors, coupled with a more flexible approach by vendors.

On a bigger scale, the sale of Princes Quay to CIT Group is seen as a sign of confidence in the region among significant investors worldwide.

“These deals are at different ends of the market in financial terms, but they are both enidence that confidence in the Hull area is increasing among outside investers,” said Dave Garness, director of the Garness Jones agency team.

“The major investment institutions, insurance companies and pension funds will always be fairly cautious because they are investing for a broad range of individuals and funds. They want a low risk venture and they are in a position to look at opportunities around the world, not just within the UK.”

Garness Jones provided advice to the vendor early in the process that led to the sale of Princes Court.

It’s a modern property with a lot of important advantages including some good, strong tenants, an excellent location and a big car park,” said Simon Grainger, the retail and leisure specialist at Garness Jones.

“The vendors had looked at selling the property in the past and our advice this time helped them come up with the right deal. The purchaser was a property company from out of town so it amounted to a welcome inward investment.”

Dave Garness added: “These smaller-sized investments are proving quite popular.

There are a lot of trust funds and private investments and at that level of money people clearly see property as quite a good opportunity.

“The purchases are often paid for in cash rather than borrowing, which means the investors are in a strong position to secure a good deal.” 

Links

Garness Jones

 www.garnessjones.co.uk